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EV, Hybrid Sales Reached Record 20% of US Vehicle Sales In 2024

3 months 2 weeks ago
Sales of electric vehicles and hybrids reached 20% of new car sales in the U.S. last year, with Tesla maintaining dominance in the EV market despite a slight decline in market share. CNBC reports: Auto data firm Motor Intelligence reports more than 3.2 million "electrified" vehicles were sold last year, or 1.9 million hybrid vehicles, including plug-in models, and 1.3 million all-electric models. Traditional vehicles with gas or diesel internal combustion engines still made up the majority of sales, but declined to 79.8%, falling under 80% for the first time in modern automotive history, according to the data. Regarding sales of pure EVs, Tesla continued to dominate, but Cox Automotive estimated its annual sales fell and its market share dropped to about 49%, down from 55% in 2023. The Tesla Model Y and Model 3 were estimated to be the bestselling EVs in 2024. Following Tesla in EV sales was Hyundai Motor, including Kia, at 9.3% of EV market share; General Motors at 8.7%; and then Ford Motor at 7.5%, according to Motor Intelligence. BMW rounded out the top five at 4.1%. The EV market in the U.S. is highly competitive: Of the 68 mainstream EV models tracked by Cox's Kelley Blue Book, 24 models posted year-over-year sales increases; 17 models were all new to the market; and 27 decreased in volume.

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FDIC Sues 17 Former Silicon Valley Bank Execs Over Collapse

3 months 2 weeks ago
"The FDIC sued 17 former executives and directors of Silicon Valley Bank on Thursday, seeking to recover billions of dollars for alleged gross negligence and breaches of fiduciary duty," reports Reuters. The move comes almost two years after Silicon Valley Bank's March 2023 collapse, which shocked financial markets and ended up benefiting big players like JPMorgan Chase. From the report: In a complaint filed in San Francisco federal court, the FDIC, in its capacity the bank's receiver, said the defendants ignored fundamental standards of prudent banking and the bank's own risk policies in letting the bank take on excessive risks to boost short-term profit and its stock price. The FDIC faulted the bank's overreliance on unhedged, interest rate-sensitive long-term government bonds such as US Treasuries and mortgage-backed securities, as rates looked set to -- and eventually did -- rise. It also objected to the payment of a "grossly imprudent" $294 million dividend to its parent that drained needed capital "at a time of financial distress and management weakness" in December 2022, less than three months before its demise. "SVB represents a case of egregious mismanagement of interest-rate and liquidity risks by the bank's former officers and directors," the complaint said. The defendants include former Chief Executive Gregory Becker, former Chief Financial Officer Daniel Beck, four other former executives and 11 former directors.

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